What the other papers say this morning – 26 June 2013

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FINANCIAL TIMES

Bill to wind down Fannie and Freddie A bipartisan group of senators presented a plan for a sweeping reform of US housing finance that would wind down Fannie Mae and Freddie Mac, the government-backed mortgage companies, over five years and introduce more private capital into the market. The bill, spearheaded by Mark Warner, a Virginia Democrat, and Bob Corker, a Tennessee Republican, was immediately supported by six other members of the Senate banking committee from both parties, giving it political momentum that raises its odds of advancing in a divided Congress.

BBC raises £170m via bond debut
The BBC has tapped financial markets for the first time in its 90-year history in a drive to find new ways to finance BBC Worldwide, which makes and sells BBC programmes around the globe.

Italy risks billions on debt changes
Italy risks potential losses of billions of euros on derivatives contracts it restructured at the high of the Eurozone crisis, according to a confidential government report that sheds light on the tactics that enabled the debt-laden country to enter the euro. The report details Italy’s debt transactions and exposure in the first half of 2012.

THE TIMES

Three has the number for O2 Ireland
Three has tripled its share of the mobile market in Ireland after sealing a takeover of O2’s business there for €780m (£661.9m), and has set its sights on the top slot held by Vodafone. Telefonica, the Spanish owner of O2, put the business up for sale a month ago to reduce its debt.

Jet ski shooting sparks Gibraltar row
A diplomatic spat between Britain and Spain has begun after a man on a jet ski in the waters around Gibraltar was shot at with rubber bullets.

The Daily Telegraph

Total considering UK shale gas bid
Total is understood to have held talks with several companies about buying a stake in their existing exploration blocks in the UK. The enthusiasm of one of the world’s biggest energy companies to join the search for UK shale is the latest sign of the nascent industry’s growing momentum following the £160m deal for British Gas owner Centrica to buy a 25 per cent stake in Cuadrilla’s Bowland shale licence area. Total is understood to have held talks with Cuadrilla over buying into its licence but is now focusing on other opportunities.

THE WALL STREET JOURNAL

Obama unveils climate change plan
President Barack Obama unveiled a sweeping new plan to cut greenhouse-gas emissions in the US, pledging to create new standards for power plants, and delivered sharp words for those who say climate change isn’t caused by humans.

Brazil’s political reform resisted
Brazilian President Dilma Rousseff laboured to drum up support yesterday for the overhaul of the nation’s political system she has proposed in response to large public demonstrations against government waste and corruption.